The string of new oil discoveries off the coast of Guyana has lifted spirits recently, creating the impression that the energy industry is back on its feet and making more and more discoveries. However, this may not be the case. According to a report from Westwood Global Energy Group released earlier this month, for example, the success rate of exploration activity has fallen in the past five years, and it has fallen by a lot. “In the downturn success rates had increased as companies high graded their portfolios to ensure that only the best…
